November 7, 2012
The Age
Australian retailer Harvey Norman reported today a drop in quarterly sales and profit as consumers remained cautious, sending the stock down more than 4 per cent.
Same-store sales fell 7.8 per cent in the three months to September 30, Harvey Norman said in a statement. Total sales fell 10 per cent.
Preliminary accounts indicated a fall in profit of 20 per cent before tax and minority interests to $50.1 million for the quarter, from $62.8 million a year earlier.
The company said technology and entertainment sales continued to be affected by cautious consumers and price deflation, though sales of white goods, cooking, small appliances, furniture and bedding remained solid.
The stock was down 4.1 per cent at $1.775.
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